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Category > Accounting Posted 27 Jul 2017 My Price 5.00

Mertz Company purchased land containing an estimated 5 million tons

 

Mertz Company purchased land containing an estimated 5 million tons of ore for a cost of $8,800,000. The land without the ore is estimated to be worth $500,000. During its first year of operation, the company mined and sold 750,000 tons of ore. Compute the depletion charge per ton. (Round to two decimal places.) Compute the depletion expense that Mertz should record for the year.
 
 

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Alpha Geek
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Status NEW Posted 27 Jul 2017 11:07 AM My Price 5.00

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Attachments

file 1501153522-1697059_1_636363452692423737_Mertz-Company.xlsx preview (124 words )
=D-----------epl-----------eti-----------on -----------Exp-----------ens-----------eDe-----------ple-----------tio-----------n C-----------ost----------- pe-----------r U-----------nit-----------per----------- to-----------nMe-----------rtz----------- Co-----------mpa-----------ny -----------pur-----------cha-----------sed----------- la-----------nd -----------con-----------tai-----------nin-----------g a-----------n e-----------sti-----------mat-----------ed -----------5 m-----------ill-----------ion----------- to-----------ns -----------of -----------ore----------- fo-----------r a----------- co-----------st -----------of -----------$8,-----------800-----------,00-----------0. -----------The----------- la-----------nd -----------wit-----------hou-----------t t-----------he -----------ore----------- is----------- es-----------tim-----------ate-----------d t-----------o b-----------e w-----------ort-----------h $-----------500-----------,00-----------0. -----------Dur-----------ing----------- it-----------s f-----------irs-----------t y-----------ear----------- of----------- op-----------era-----------tio-----------n, -----------the----------- co-----------mpa-----------ny -----------min-----------ed -----------and----------- so-----------ld -----------750-----------,00-----------0 t-----------ons----------- of----------- or-----------e. -----------Com-----------put-----------e t-----------he -----------dep-----------let-----------ion----------- ch-----------arg-----------e p-----------er -----------ton-----------. (-----------Rou-----------nd -----------to -----------two----------- de-----------cim-----------al -----------pla-----------ces-----------.) -----------Com-----------put-----------e t-----------he -----------dep-----------let-----------ion----------- ex-----------pen-----------se -----------tha-----------t M-----------ert-----------z s-----------hou-----------ld -----------rec-----------ord----------- fo-----------r t-----------he -----------yea-----------r.(-----------a)
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